Specifically, I was hoping for a different form factor, something more like a traditional watch case. It doesn’t have to be just flat edged sides, but could be a stepped design, like what many watch cases have. Improvements in battery life, chip performance would be nice and I’d really prefer to have a flat lens (like what I’ve had with my 15+ year old Seiko Automatic).What exactly are you waiting for?
I think it's a pretty perfect design with the only real improvements I'd like to see being better WiFi and improved health sensors. I disagree with the round watch, it makes sense when you have dials displaying time but it doesn't offer something above a square watch face when you have a digital display.
The thing with round vs rectangle screens really just comes down to how you design what you see on the screen. With a round screen, you wouldn’t design everything to be simple left to right rectangular elements. I know Apple addressed this early on by saying they wanted to make sure consumers felt comfortable shifting between Watch and iPhone, but I think most people wouldn’t be challenged by a shift to a different screen shape with a Watch.